Ninety One upgraded to Neutral from Underweight at JPMorgan
JPMorgan upgraded Ninety One (NINTF) to Neutral from Underweight with a price target of 178 GBp, up from 132 GBp. Following the first positive net flow print since March 2022, an improving backdrop for an eventual return of investors back to the emerging markets, EM, asset class, and a very strong performance of MSCI EM year-to-date, the firm points to evidence of an inflection point for Ninety One's net flows and assets under management growth, the analyst tells investors in a research note. The firm adds however that given the recent very strong performance of the stock and geopolitical risks remaining prevalent, it will need to see much better flows than the ones embedded in its updated forecasts for the shares to outperform from current levels.
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Yahoo
an hour ago
- Yahoo
JPMorgan Hikes Sapphire Reserve Fee to $795 in Card Overhaul
(Bloomberg) — JPMorgan Chase & Co. (JPM) will hike the annual fee on its popular Sapphire Reserve credit card to $795 and launch a similarly priced version for businesses as part of an overhaul marking the biggest US bank's latest volley in the ultra-competitive world of premium credit cards. Security Concerns Hit Some of the World's 'Most Livable Cities' As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space As American Architects Gather in Boston, Retrofits Are All the Rage How E-Scooters Conquered (Most of) Europe The new fee is an increase for the consumer version, which has been $550 a year since 2020. JPMorgan is also reshaping its rewards for the cards, according to a statement Tuesday, placing more emphasis on the bank's own travel and dining offerings that it assembled through a series of acquisitions and investments in recent years. Lenders have been locked in a fierce rewards battle to lure affluent customers for about a decade. American Express Co. (AXP) announced Monday that it is making its 'largest investment ever' in a refresh of its travel-focused Platinum cards for consumers and businesses. Capital One Financial Corp. (COF) has a premium travel card of its own, and Wells Fargo & Co. (WFC) has one in the works, Bloomberg News reported in February. JPMorgan is adding a slew of annual credits to the Sapphire Reserve card, including $500 toward its 'The Edit' collection of hotels and resorts and, for the consumer version, $300 toward exclusive tables on restaurant reservations app OpenTable. An existing $300 travel credit will continue as well. 'It's the culmination of five years of investment that we've made across Chase in completely uplifting and repositioning what we mean for premium travelers in the premium-card space,' Allison Beer, JPMorgan's head of card and connected commerce, said in an interview. 'This is about having the best-in-class travel assets and an end-to-end travel experience.' Cardholders will earn eight points per dollar spent on Chase Travel, changed from five points per dollar on flights and 10 points on hotels and car rentals. Customers will also get four points per dollar spent on flights and hotels booked directly, up from three points, and three points per dollar spent on dining. JPMorgan's latest overhaul incorporates a number of acquisitions it has made over the past half-decade and 'connecting all of those investments into a completely new service offering,' Beer said. That includes rewards business cxLoyalty, a deal announced in late 2020; restaurant review platform The Infatuation in 2021; and marketing platform Figg and luxury travel agency Frosch in 2022. The firm has also opened half a dozen airport lounges across the US that cardholders can access, with more planned. Marianne Lake, head of consumer and community banking, outlined JPMorgan's vision at the firm's investor day in 2022. 'Travel is at the center of our card business,' she said at the time, adding that the bank would become a full-service travel agency. At this year's investor day, held last month, Lake said JPMorgan more than doubled its travel volume from 2021 to 2024, and that the business remains 'a massive opportunity.' Half of Chase's new customers come through the card business, Lake said last month. The Sapphire refresh dovetails with another JPMorgan growth push: wealth management. Chief Executive Officer Jamie Dimon has long sought to expand that business, and in late 2019 created a new unit within the consumer and community bank intended to capture more market share. 'Customers eventually deepen with the rest of the ecosystem, so they start with the Sapphire Reserve card and then they open a self-directed account, or they open a Chase wealth-management account, and they continue to deepen,' Beer said. She joined JPMorgan in 2017 after more than seven years at American Express and rose quickly through the ranks of the consumer business, taking on her current role in 2021. Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software US Allies and Adversaries Are Dodging Trump's Tariff Threats ©2025 Bloomberg L.P. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy
CNBC
2 hours ago
- CNBC
JPMorgan Chase unveils new Sapphire Reserve card perks and $795 annual fee
JPMorgan Chase is betting that a long list of new perks will keep affluent Americans hooked on its Sapphire Reserve card, despite a hefty bump in its annual fee. The bank on Tuesday unveiled an update to its premium credit card, which will now carry a $795 annual fee. That is a 45% jump from its previous level and the card issuer's largest price increase for the Sapphire since its 2016 launch. But JPMorgan says users will now get more than $2,700 in annual benefits when the new perks launch on June 23. That includes most of its previous benefits, along with new ones tied to how customers earn and spend points on travel and dining. For instance, the bank is touting a new redemption program that doubles the value of points used for select travel offers and a new $500 annual credit at its collection of hotels and resorts. There is also a new $300 dining credit at restaurants that are part of the Sapphire Reserve Exclusive Tables network, a $300 credit for purchases at StubHub or Viagogo and free subscriptions to Apple TV+ and Apple Music, worth $250 per year, JPMorgan said. Customers who spend at least $75,000 annually on their cards unlock other perks, including top-tier status at Southwest Airlines and IHG Hotels and Resorts. JPMorgan also introduced a new Sapphire Reserve business card with a $795 annual fee and similar perks as the consumer card, along with credits for ZipRecruiter and Google Workspace. That positions the bank squarely against American Express, which has had a business version of its comparable Platinum card for decades. JPMorgan, the biggest U.S. bank by assets, shook up the card industry with the launch of the Sapphire Reserve almost a decade ago. The bank cribbed from a playbook established by Amex by bundling perks around travel and dining, and later opening its own network of luxurious airport lounges. But JPMorgan introduced its premium card with signing bonuses and credits that almost made getting one a financial no-brainer, forcing other issuers to boost their card offers in response. Now, with JPMorgan heading upmarket with the Sapphire Reserve, the bank is at risk of alienating customers who may opt to downgrade to a Sapphire Preferred card or offerings from Amex or Capital One, said senior Bankrate analyst Ted Rossman. "When the Sapphire Reserve first came out, it was a solid middle-class play that offered champagne travel on a beer budget," Rossman said. "These premium cards are going more luxury, and I wonder if the $800 fees are becoming too much for some to stomach." That could be by design, according to Rossman. Amex and Capital One have had to rein in access to airport lounges because of overcrowding, and some users have complained that their premium cards no longer feel as special. Whether cards like the Sapphire Reserve still make sense at $795 in annual fees depends on if customers will take advantage of enough of the new perks, Rossman said. Later this year, Amex will introduce updates to its Platinum cards, which currently have a $695 annual fee. Amex will likely also raise its annual fee while adding more perks, Rossman said. "These high-rate cards are not for everyone, that's for sure," said KBW analyst Sanjay Sakhrani. But Amex and JPMorgan have pursued a subscription-type business model where an ever-rising level of perks make a compelling value proposition for certain customers, he said. "They feel that it creates a flywheel around keeping people engaged and spending in the system," Sakhrani said. "Even at $800 in annual fees, I don't think just anyone can provide the breadth of perks that you get on those cards."
Bloomberg
2 hours ago
- Bloomberg
JPMorgan Hikes Sapphire Reserve Fee to $795 in Card Overhaul
JPMorgan Chase & Co. will hike the annual fee on its popular Sapphire Reserve credit card to $795 and launch a similarly priced version for businesses as part of an overhaul marking the biggest US bank's latest volley in the ultra-competitive world of premium credit cards. The new fee is an increase for the consumer version, which has been $550 a year since 2020. JPMorgan is also reshaping its rewards for the cards, according to a statement Tuesday, placing more emphasis on the bank's own travel and dining offerings that it assembled through a series of acquisitions and investments in recent years.
